Legal Process Outsourcing
Legal process outsourcing (LPO) refers to the practice of a corporation or law firm to transfer legal services to an outside law company in order to optimize legal costs. It has become more popular during the past couple of years, since increased legal fees of local legal professionals has led the legal outsourcing into a growing trend worldwide.
No company or firm can function without proper legal support, which could be performed either by an inhouse legal department or by an external legal services provider. Recently, some companies have even begun to mix those two, leading to an internal legal department supported by external experts. Legal support is an essential part of every business, but instead of paying high fees and/or salaries the company can outsource routine tasks to legal professionals abroad that will be able to take care of those issues in a professional and timely manner at a much lower price. The company can thus take advantage of the use of external experts in order to save time, cut costs, and reduce employee’s workload on mundane tasks.
In order to stay competitive and to keep profits high, without increasing the prices to end customers, companies need legal process outsourcing. LPO reduces expenses while investing in improving company’s bottom line. Law firms have also started circumventing local lawyers and outsourcing all or part of their work to legal firms abroad, in order to stay competitive to clients.
The benefits of legal process outsourcing include:
- Reducing costs, while keeping standards high, since LPO leads to 3-5 times lower attorney fees;
- Flexible staffing – project-based outsourcing;
- Time saving – reducing the time, required for big projects;
- Reducing employee’s workload;
- Access to wide range of practice areas;
Economy in the near future definitely won’t be the same, so only the ones that take innovative steps and think outside of the box will be able to profit and grow in the rigid conditions of today’s competitive markets. LPO is an innovative timesaving step, that keeps company’s profits and standards high, while reducing the operational day-to-day costs.
Benov & Vasilev Attorneys at law is experienced in LPO and can be your trusted partner in this process. If you are interested in legal process outsourcing, do not hesitate to contact our legal team.